Bitmine Immersion Technologies disclosed today that it acquired 40,613 ETH last week, bringing its combined crypto, speculative investments, and cash reserves to $10 billion.
The aggressive accumulation has put pressure on its Ethereum strategy, with the company now facing over $7.3 billion in paper losses as ETH trades near $2,100, according to DropsTab data.
The disclosure follows one of the steepest digital asset selloffs since October 2025, with ETH briefly dropping to $1,700 during the February 5 crash that also sent Bitmine shares to a seven-month low of $17.
By press time, Ethereum had rebounded to around $2,130, while Bitmine stock rose 4% to $21, still well below recent highs.
The company reported holdings of 4.3 million ETH valued at $2,125 per token as of February 8, alongside 193 BTC, $595 million in liquid reserves, and equity positions in Beast Industries and Eightco Holdings.
Bitmine now commands 3.58% of Ethereum’s circulating supply, cementing its status as the largest corporate holder of the asset globally.
Executive Chairman Thomas Lee defended the company’s aggressive purchasing strategy despite the drawdown.
“Bitmine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” Lee said. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.”
The firm has committed 2.89 million ETH worth $6.2 billion to staking operations, generating roughly $202 million in projected annual rewards at a 3.11% yield.
Approximately 67% of Bitmine’s Ethereum is now earning staking income at a rate of 3.32%, above the network average. The company plans to launch MAVAN, its domestic validator infrastructure, later this year.
Lee suggested that pending legislation, including the GENIUS Act and regulatory clarity from the SEC’s Project Crypto initiative, could trigger a fundamental repricing of digital assets.
